I know I’m not the only one…that has found themselves paralyzed with thoughts about how to be financially free, how to come out of the rat race or better yet wondering how life would be had you taken saving|investing your money more seriously when you still had your youth going for you. Although I faced some heavy obstacles financially, I have utilized my school of hard knocks education by sharing with my son the value of saving while young!
I want to talk about “5 Reasons Why It’s Never Too Early to Save for Retirement.” I’ll also include a few killer tools that I have discovered along the way! Where were these golden nuggets when I needed them?
Reason #1. Your youth is your friend. The moment a child is issued a Social Security Number there are a number of ways that you can begin a savings and most importantly a custodial investment account for them. On top of that if you own a business as a sole proprietor or LLC you can hire your child(ren) as young as three and begin funding a ROTH IRA investment account for them as well as create a tax deduction for yourself. Winning! Just let this excerpt from Joshua of “TheMinimalist.com” sink in…”Too Young? Are you insane? If you’re younger than 30, you have it made! Young people, no matter your tax bracket, have a significant opportunity to become truly wealthy thanks to the power of compound interest.”
Reason #2. Saving early for retirement prepares you to be more financially responsible. Think about it…when you are in control of your money and purposely saving you feel so responsible. It means you have a budget in place that you have more than likely planned out on paper or on a spreadsheet and if it applies you have discussed it with your loved ones, too. The result? You’re less likely to be thrown off by the unexpected because financially you are solid!
Reason #3. Numbers do not lie. Once again I will share with you a beautifully detailed excerpt/example from Joshua. “Someone who invests $25,000 by age 25, with a 12% rate of return, will have more than $2 million by the age of 65–even if she or he doesn’t add another dollar after age 25. Conversely, if that same person waits until age 30, she or he will have to contribute more than three times as much to achieve the same outcome. The lesson? Compound interest is the best way to grow your money over the long haul– start while you’re young!”
Reason #4. You learn so much when you teach your children. Honestly, when my son was born I really didn’t have a financial game plan mapped out for myself or him. He was a surprise and financially I was behind. I had a Scottrade account at the time along side my now ex, but no sooner had we invested we were pulling out the funds so frequently that we could never see the benefit. Although, I saw that as a failure, I learned a ton and I am now able to share this with my son. By involving my son in the budget and now teaching him how to look over his custodial accounts with me we are both learning so much in the process. The dialogue between us helps him to see that splurging is not always smart and that he has a great chance at becoming a millionaire just for simply saying no to instant gratification and putting back as little as $10 per week!
Reason #5. There are some affordable tools out here to show you how to get started. It’s no secret that there are many people creating e-courses/classes that promise to help make you fast cash, but the asking price is enough to break the bank. Destiny brought me one of the best wealth building teachers I’ve ever encountered! She created a class only after being inspired by her following. Talk about genuine! If you have not heard of the website: Bottom Up Wealth.com, just know you are in for a treat! Discovering her has been the fuel I needed to get my financial house in shape. I enrolled in her very first course, “Zero To Investor” without hesitation. This course gave me the confidence I needed as a self-directed, long term investor and it has produced similiar requests for hundreds of others! If you feel you have what it takes and you are looking for a solid way to make your money work for you as passive income I would highly suggest that you click on the link and sign-up before the course is closed. Keep scrolling to see what the e-course includes!
Courtesy of Bottom Up Wealth
Oh, and it gets even better! Happen to still be in the work force and you have a 401k? No problem “Retire Wealthy” is the e-course that empowers you to understand where your dollars are going, how to know what companies you are invested in and how to combact the mountain of fees that your 401k shamelessly takes away from your retirement potential! I know that was a mouth full, but trust me…you want to know this information.
Courtesy of Bottom Up Wealth
I can tell you that these courses are affordable and easy to navigate! Oh, and since we are all busy moms she made sure to design the e-course as a work at your own pace platform! You can’t beat it and I have already made back my investment in myself. Bonus: She is extremely active in the private Facebook groups that correlate with the classes! I am not an expert by far I just like to research and find great tools and I believe the ones suggested are jewels that will take you and your family far in life.
If you know that obtaining wealth is something you desire, but you need a little more guidance this just might be the information you were looking for. I encourage you to check it out! I am not saying not to enjoy life, but please do so wisely. Lastly, let’s talk. Let me know what your aspirations are to retire and what you have or wish you had in place. I would love to hear about it in the comments below! I hope that I said something that sparks your attention and/or inspires you.